2024 Mileage Rate Ontario Tax. Under the cra's administrative policy, you can use the prescribed rate per kilometre of personal driving to calculate the value of the motor vehicle benefit using the fixed rate calculation if all. Rates are reviewed on a quarterly basis.

For 2024, the department of finance canada made some notable changes to the automobile income tax deduction limits and mileage rates, with the initial mileage rate increasing to 70. The tax rates in ontario range from 5.05% to 13.16% of income and the combined federal and provincial tax rate is between 20.05% and 53.53%.